Eye Care - South Korea

South Korea

Highlights

Revenue in the Eye Care market amounts to US$33.59m in 2024. The market is expected to grow annually by 3.00% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.65 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in South Korea is experiencing significant growth and development.

Customer preferences: Customers in South Korea are increasingly prioritizing their eye health and are willing to invest in products and services that help maintain good vision. With the rise in digital device usage and screen time, there is a growing concern about eye strain and other vision-related issues. As a result, consumers are seeking out products such as contact lenses, eyeglasses, and eye drops that alleviate these problems and improve overall eye health.

Trends in the market: One major trend in the Eye Care market in South Korea is the increasing popularity of contact lenses. Contact lenses provide convenience and comfort for individuals who want to correct their vision without the need for eyeglasses. The demand for contact lenses is driven by factors such as fashion trends, lifestyle preferences, and advancements in technology that have made them more comfortable and easier to use. Additionally, the growing popularity of cosmetic contact lenses, which can change the color or appearance of the eye, is also contributing to the market growth. Another trend in the market is the growing demand for eyeglasses. Eyeglasses have become more than just a vision correction tool; they are now seen as a fashion accessory. Consumers in South Korea are increasingly interested in stylish and trendy eyeglass frames that complement their personal style and enhance their overall appearance. This trend has led to the emergence of specialized eyewear retailers and online platforms that offer a wide range of eyeglass options to cater to different customer preferences.

Local special circumstances: South Korea has a highly competitive Eye Care market with both domestic and international players vying for market share. Local brands have a strong presence in the market and are known for their quality and innovation. However, international brands also have a significant presence, especially in the premium segment, where consumers are willing to pay a premium for high-quality products.

Underlying macroeconomic factors: The strong economic growth in South Korea has contributed to the development of the Eye Care market. As disposable incomes have increased, consumers have more purchasing power to invest in eye care products and services. Additionally, the aging population in South Korea is also driving market growth, as older individuals are more likely to experience vision-related issues and require eye care solutions. In conclusion, the Eye Care market in South Korea is experiencing growth and development due to increasing customer preferences for products that improve eye health, such as contact lenses and eyeglasses. The market is also influenced by trends in fashion and lifestyle, as well as local special circumstances, such as the presence of both domestic and international brands. The strong macroeconomic factors, including economic growth and an aging population, further contribute to the market's expansion.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.